It was a fairly straight forward report for the most part. Three families from 3 income groups and how Obama's and McCain's Tax proposals would affect each Family.
Katie Couric introduced the report, titled "Where They Stand", as a way of helping us make an informed decision on which candidate to choose. "We'll be devoting a large part of our broadcasts between now and November 4th to telling you where the candidates stand on major issues..."
If this is what they call informing us, be ready for a few million extra misinformed voters heading to the polls on Nov. 4 thanks to CBS...
They did a decent job for the time allotted of showing three families at different income levels and then laying out the candidates personal income tax proposals.
All was good, until they brought in the accountant to tabulate the results.
The first couple made $32,000 last year and have 3 kids (2 living with dads ex-wife). Result-
Paid no taxes in 2007 (no reason given) would get a refund of $2,200 in 2008. They were quite pleased.
Then they cut to a couple making $213,000 with 3 kids. Now, rather than saying that under Obama's plan their tax will be this, and under McCain's plan it will be that, they say this instead.
The Wilson's are at the other end of the spectrum, earning $213,000, which includes profits from Gilbert's business. That puts them in the 28% tax bracket. If Gilbert's business improves, his income could easily push him into the 33% bracket, which under Obama's plan would jump to 36%. "That would be painful. Another 8% on the income"? (Says the sticker shocked husband. Then cut to ominous voice over image of a hand counting a pile of cash. ) "And thousands more in taxes..."
(Emphasis and incredulousness all mine.)
WTF? If he makes more?? No shit Sherlock!!! How about a comparison for a family that is making $213,000 rather than projecting what they might make! And if you want to engage in fantasy games about how his business might do, well, he'd be going into the 33% bracket under McCain's plan anyway. A 5% increase! ( "And thousands more in taxes...") (An increase that he is obviously looking to avoid through deductions anyway.) Obama's increase is 3%, at most. (And even that would be in dispute as Obama has stated families making under $250,000 would not be subject to a tax increase.)
Incredible...
The segment ended with a couple making $64,000 (3 kids). Under McCain they get $225 back. Under Obama $500. And according to the report, that's not enough, and this white middle class couple feels forgotten again.
Conclusion from what was shown?
Lower income but hard working black family paid no taxes in 2007 for some reason and is going to get a big check from the government.
Middle income and hard working white family feels forgotten by the government again.
Upper income family with dad owning his own small business and a stay at home mom who bakes lots of cookies are going to get socked by the liberals again. Even though the rules have to be changed to make a hypothetical point...
Update: If you check the Obama tax calculator linked to in this recommended diary, the family would get about a $6,000 tax cut.